Principal Financial Group Inc. Decreases Stock Holdings in Franco-Nevada Co. (NYSE:FNV)

Principal Financial Group Inc. trimmed its position in Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV by 77.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,123 shares of the basic materials company's stock after selling 44,432 shares during the quarter. Principal Financial Group Inc.'s holdings in Franco-Nevada were worth $1,632,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its holdings in shares of Franco-Nevada by 0.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 12,286,603 shares of the basic materials company's stock worth $1,456,208,000 after buying an additional 64,429 shares during the last quarter. Victory Capital Management Inc. increased its stake in Franco-Nevada by 13.9% during the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company's stock worth $433,538,000 after acquiring an additional 424,810 shares during the last quarter. EdgePoint Investment Group Inc. increased its stake in Franco-Nevada by 19.4% during the third quarter. EdgePoint Investment Group Inc. now owns 3,309,493 shares of the basic materials company's stock worth $411,003,000 after acquiring an additional 537,047 shares during the last quarter. First Eagle Investment Management LLC lifted its stake in shares of Franco-Nevada by 1.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 3,260,300 shares of the basic materials company's stock valued at $386,597,000 after purchasing an additional 47,311 shares during the last quarter. Finally, M&G PLC boosted its holdings in shares of Franco-Nevada by 3.2% in the 3rd quarter. M&G PLC now owns 1,679,858 shares of the basic materials company's stock worth $208,645,000 after purchasing an additional 51,996 shares during the period. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FNV has been the subject of a number of analyst reports. Canaccord Genuity Group upgraded Franco-Nevada from a "hold" rating to a "buy" rating in a research report on Monday, November 18th. Jefferies Financial Group lowered their target price on shares of Franco-Nevada from $137.00 to $136.00 and set a "hold" rating for the company in a report on Thursday, October 17th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating in a report on Monday, November 18th. UBS Group initiated coverage on shares of Franco-Nevada in a research note on Monday, November 18th. They issued a "buy" rating and a $160.00 price objective for the company. Finally, HC Wainwright cut their target price on Franco-Nevada from $200.00 to $155.00 and set a "buy" rating on the stock in a research note on Friday, December 20th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, Franco-Nevada presently has an average rating of "Moderate Buy" and an average target price of $145.33.

Franco-Nevada Trading Up 1.1 %

Shares of Franco-Nevada stock traded up $1.28 during trading on Friday, hitting $122.41. 666,897 shares of the stock traded hands, compared to its average volume of 595,998. Franco-Nevada Co. has a 52-week low of $103.64 and a 52-week high of $137.60. The stock's fifty day simple moving average is $122.19 and its 200 day simple moving average is $123.37. The firm has a market cap of $23.56 billion, a P/E ratio of -38.74 and a beta of 0.72.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.03). The business had revenue of $275.70 million during the quarter, compared to analysts' expectations of $279.11 million. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. Franco-Nevada's revenue for the quarter was down 10.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.91 EPS. As a group, equities analysts expect that Franco-Nevada Co. will post 3.22 EPS for the current year.

Franco-Nevada Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th were issued a $0.36 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.18%. Franco-Nevada's dividend payout ratio is presently -45.57%.

Franco-Nevada Company Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.